BNB Chain developers plan to abandon the dual-chain network structure, combining Beacon Chain and BNB Smart Chain into a single chain. Beacon Chain token standards won’t be supported after the upgrade.
According to a post on the BNB Chain blog, the developers plan to merge Beacon Chain and BNB Smart Chain networks into a single BNB ecosystem in April this year. Until then, users are advised to convert BEP-2 and BEP-8 tokens to BEP-20.
The initiative is designed to improve the efficiency of the network, its security, and its asset utilization. The developers called Beacon Chain a burden because the current dual-chain structure of BNB Chain involves constant use of a bridge, which slows development and exposes the network to security threats.
Once the networks are merged, the BEP-2 and BEP-8 standards won’t be supported. To avoid losing the assets of such standards, they must be converted to the BEP-20 standard. Assets can be exchanged at a 1:1 exchange rate until finalized. Users who don’t convert their assets by the deadline will have the opportunity to do so later, but the developers won’t be responsible for their safety, recovery time, and other possible problems. BNB Chain representatives noted that the use of Beacon Chain will only be possible through the command line, the graphical interface will no longer be supported.
At the moment, BEP-2 tokens are used as a gas fee to enable transactions in the ecosystem, while BEP-20 tokens have the functionality of smart contracts, similar to ERC-20 tokens on the Ethereum network.
Binance recently discontinued support for all BUSD-based products and also released data on the platform’s achievements in 2023.
